The $4.5 million is in two sets of bonds, one from 2001 with an interest rate of 4.55 percent and another from 2002 with interest rates ranging from 3.5 percent to 4.45 percent.

Hugh Martin, the district's bond attorney, said the refunding would be put on the state bond commission's April agenda. However, IRS rules would require the debts to be paid from a sinking fund if the April 21 ballot measure fails.

"In the event it did not it would affect some technical matters," Martin said.

The district in April is asking voters to approve an $11.6 million bond issue for maintenance and construction projects.

"We can't know until after the election," Martin said. "But we're going to process everything and get it as close as possible as the election gets near."